Student needs help! Credit rating

ryuuoo

Hi there

So basically I please need opinions on what to do next.

Here´s the story:

- 19 year old born and raised in London but moved with family to Spain three years ago. Have been back since may and have been working.

- I am a Barclays customer. Good balance. No late payments. Part time job. Student Finance coming in every term...

- Wanted to buy iPhone 5s, went to the Apple store and chose financing option. Got refused financing.

- Rang Barclays and they said that although they do deal with Apple's financing side they did not understand why the "system" would decline the financing... but was probably due to low or non existent credit score.

- Barclays suggested to:
1. go to experian and get my credit score. (which I did but they cannot verify my identity for some reason...!)
2. Apply for a Barclaycard Initial. Which I did and should get an answer in the post soon.


I really would like to get the 5s and don't feel I should be paying in cash (even though I could) because it is a month's rent...

What can I do? I applied just now for an Aqua Classic... got declined...

Electoral roll? Wait for Barclaycard thing to go through?

Thank you!

Tixy

Hi

You need to get a copy of your credit report, not your credit score.
If you are unable to do this online then you can always order the statutory postal report for £2.

If you are not on the electoral roll at your correct current address this could very well be the reason for the decline, as could the fact that you are unable to supply a UK address for the last 3 years. Both of those are likely to make a lender class you as higher risk.

No point in making any further applications for anything now until you wait to see if you have been accepted for the barclaycard, especially as you have already made 3 credit applications in quick succession.

Btw - was the apple finance 0% APR? If not and if you can afford to pay in cash then it seems a waste of money to be trying to buy a luxury item on finance (and by afford I mean and still afford all your priority outgoings).

ryuuoo

Hi thanks for your reply.

I will look into the credit report. Thanks. I will also lookin into the electoral roll.

Yes, I agree with you but in my opinion I would rather use that cash to travel for example and then paying 14,9% interest to Apple/Barclays doesn't seem that bad...

Lokolo

ryuuoo wrote: »

Yes, I agree with you but in my opinion I would rather use that cash to travel for example and then paying 14,9% interest to Apple/Barclays doesn't seem that bad...

You think 15% isn't that bad?!? Wow.

ryuuoo

Lokolo wrote: »

You think 15% isn't that bad?!? Wow.

What is your suggestion then for me to be able to get the 5s?

BeenThroughItAll

ryuuoo wrote: »

What is your suggestion then for me to be able to get the 5s?

Save your pennies until you can afford to buy it in cash.

Lokolo

ryuuoo wrote: »

What is your suggestion then for me to be able to get the 5s?

1) Don't get it.

2) Use the cash you have available.

3) Save additional cash to purchase.

Shark

Get a contract, get the phone for free and pay £42 a month.

Why complicate things by buying it from apple for an insane price when you don't have the cash?

DCFC79

ryuuoo wrote: »

What is your suggestion then for me to be able to get the 5s?

Dont get 1, you dont have to have the latest iphone, you can get older phones at decent prices, maybe look at second hand phones.

Tixy

ryuuoo wrote: »

What is your suggestion then for me to be able to get the 5s?

-Buy it out of your cash (assuming you have that amount that is surplus to essential expenditure)
-Save up for one
-Stick with existing phone
-Consider a contract that includes the phone (careful consideration as to the overall costs and benefit compared to the alternatives)

Shark

Get a contract, get the phone for free and pay £42 a month.

Why complicate things by buying it from apple for an insane price when you don't have the cash?